Biloxi woman pleads guilty to stealing over $1M as credit union manager

By ASSOCIATED PRESS

NEW ORLEANS -- A Biloxi woman has pleaded guilty to stealing more than $1 million from the Louisiana credit union where she worked as a manager.

U.S. Attorney Kenneth Polite's office says 60-year-old Jacqueline Ray faces a maximum sentence of 10 years in prison and a $250,000 fine following her guilty plea Friday.

A court filing says Ray worked for the Ochsner Clinic Federal Credit Union for nearly 30 years and stole at least $1 million between 2007 and 2013 by creating approximately 149 fictitious loans.

Prosecutors say the proceeds from the bogus loans were converted to cash or deposited in accounts controlled by Ray.